The heady growth of recent
years may be gone for now, but industry insiders remain upbeat about
India's lube market. Speakers at a conference said the market is
well-stocked with base stocks, is improving in quality and can cope with
shorter bright stock supply.
In an engine oil market like
China, where many consumers prefer famous brands, there is little room for
small, local suppliers. But Nanjing-based Lopal Tech made a place for
itself through innovative marketing.
The season’s first earnings
reports showed positive trends for Asian lubricant players for the initial
quarter of 2014. S-Oil and SK’s base oil and lubricant operations rebounded
strongly from poor performance in the first quarter of 2013, while
Bangladesh’s MJL Ltd. posted increases in sales and profits.
Evonik said last week that it
has moved and expanded its lubricant additives technology center in Japan.
The new facility, located in the eastern city of Tsukuba, is four times as
large as the old one.
Infineum broke ground last week on a
lubricant additives plant in Zhangjiagang, in China's Jiangsu province, a
project that it first announced two years ago. Indian Oil Corp.
reached an agreement to supply fuels and lubricants to India’s National Security Guard,
which provides security for constitutional officers and foreign
Petroleum Corp. Ltd. agreed to supply lubricants to Indraprastha Gas Ltd.,
which has more than 100 compressed natural gas fueling stations across Delhi
National Capital Territory.